SHELDAHL ANNOUNCES FIRST QUARTER RESULTS
SHELDAHL ANNOUNCES FIRST QUARTER RESULTS NORTHFIELD, Minn., Dec. 19 /PRNewswire/ -- Sheldahl, Inc.
(NASDAQ: SHEL) announced today sales of $22.3 million for the first quarter of fiscal 1992. This represents a 3 percent increase from sales in the same quarter last year. Sales for the auto market continue strong, achieving record levels at $7.1 million, an increase of 34 percent over the same period one year ago. Net earnings for the period were $332,000 or $.07 per share, compared with net earnings of $1,913,000 and $.25 per share one year ago. Earnings did not improve with higher sales due primarily to costs during the period of $700,000 to complete the start-up of the advanced manufacturing imaging facility. Commercialization of this facility started on schedule in early December. Products for the automotive and telecommunication markets were the first produced with the new advanced process. Productivity and quality targets were achieved. It is anticipated that the enhanced operating efficiencies from the advanced manufacturing processes now in commercial production will more than compensate for this charge through the remaining three quarters of fiscal 1991.
Also effecting the first quarter earnings was continued soft demand for material products. For fiscal 1992, the company's management expects both sales and earnings to exceed those of fiscal 1991 where it had sales of $86.7 million and earnings of $5.2 million or $.90 per share. Sheldahl, Inc. develops, manufactures and sells materials, special fabrications and flexible interconnects for electronic markets. Its focus is to serve the needs of its customers in the automotive, aerospace/defense, data communications, consumer and materials markets. The company's common stock is traded on the national over-the-counter market under the NASDAQ symbol SHEL. SHELDAHL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands except per share data) 11/29/91 8/30/91 ASSETS Current assets: Cash $1,245 $595 Accounts receivable, net 12,026 12,620 Inventories 12,167 11,413 Prepaid expenses and other current assets 647 1,238 Net assets of discontinued operations 1,483 3,655 Total current assets 27,568 29,521 Plant and equipment at cost 51,720 50,920 Accumulated depreciation 30,501 29,597 Net plant and equipment 21,219 21,323 Other assets 611 636 --- $49,398 $51,480 LIABILITIES AND SHAREHOLDERS' INVESTMENT Current liabilities: Current maturities of long-term debt $1,215 $1,215 Accounts payable 6,380 6,466 Accrued salaries 1,937 2,002 Other accrued liabilities 2,304 3,166 Liabilities of discontinued operations 1,635 3,055 Total current liabilities 13,471 15,904 Long-term debt 14,407 14,322 Other non-current liabilities 3,488 3,593 Shareholders' investment: Common stock 1,188 1,185 Additional paid-in capital 7,140 7,104 Retained earnings 9,704 9,372 Total shareholders' investment 18,032 17,661 --- $49,398 $51,480 SHELDAHL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended 11/29/91 11/30/90 Net sales $22,342 $21,748 Cost of sales 18,350 16,596 Gross profit 3,992 5,152 Expenses: Sales and marketing 1,782 1,491 General and administrative 1,000 957 Research and development 480 437 Interest 398 354 Total expenses 3,660 3,239 Income before continuing operations before income taxes 332 1,913 Provision for income taxes --- (727) Income from continuing operations 332 1,186 Loss from discontinued operations --- (1,028) Cumulative effect of change in accounting for income taxes --- 571 Net income $332 $729 Income and loss per share: Continuing operations $.07 $.25 Discontinued operations .00 (.22) Cumulative effect of accounting change .00 .12 Net income per share $.07 $.15 -0- 12/19/91 /CONTACT: John V. McManus of Sheldahl, 507-663-8000/ (SHEL) CO: Sheldahl, Inc. ST: Minnesota IN: SU: ERN
KH -- MN016 -- 4127 12/19/91 17:30 EST
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|Date:||Dec 19, 1991|
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